Bullish on the U.S., and Bullish on ETFs

Cumberland Advisors' David Kotok thinks the S&P 500 can keep climbing and uses ETFs for equities. Plus, why he thinks municipal bonds are a Buy.

David Kotok loves angling—for fish or ideas. Each year, the veteran money manager invites a few dozen guests from the worlds of investing, economics, business, government, and media to his annual summer fishing outing in Maine. The gathering, which he has hosted for more than two decades, is a seedbed and sounding board for U.S. economic policy. This year's, held in August, featured "50 people with 51 opinions," he jokes.

The fishing trip is a pleasant complement to Kotok's primary roles as CEO and chief...